Aussies are refusing to give up on the Great Australian Dream, even if it means moving to the regions or going interstate.

The Muval Index for 2022 that the surge in costs of living is driving away Australian households from where they are currently — 65% said living costs is increasing their desire to move.

Furthermore, 40% said a $50 increase in weekly rents would send them packing while 27% said a 200bps rate hike would increase their desire to move.

Muval CEO James Morell said while packing up is a big decision, many Australians have shown that relocating is one way they are fighting back against the rising costs of living.

“Unwilling to sacrifice the lifestyle they have become accustomed to or refusing to give up on their dream of owning a home, Australians are choosing to pack up their lives in search of a better and more affordable life,” he said.

According to Muval, there has been an 80% increase in regional moving enquiries over the past two years, which reached a peak during the second quarter of 2022.

“The regional trend, which started a couple of years ago with the rise of remote working, is continuing into 2022 as regions offer an affordable option for many Australians,” Mr Morell said.

“Once the domain of retirees or niche groups, our data is telling us that tree and sea changes are becoming a common move for all kinds of Australians in search of a cheaper and better lifestyle.”

In fact, 27% of people who moved to the regions and were renter and were able to buy a home. Around 22% of interstate movers was able to do the same.

Meanwhile, 26% of movers to the regions upgraded their homes, allowing them to achieve a better lifestyle.

The study said the regional shift is having a substantial impact on small towns, as movers inject money into the local economy setting up their new home.

“This once-in-a-lifetime regional shift is set to change the fabric of Australian society as waves of new residents become part of the community, boost the local economy, and breathe life into regional towns.”

Photo by studioroman on Canva.